US and China extend trade truce to avoid tariff hikes

The US and China have extended a trade truce until November 10, just hours before the world's two largest economies are set to impose tariff hikes on each other.

The higher tariffs will be suspended for another 90 days, Beijing and Washington said in a joint statement.

Talks last month ended with both sides calling the discussions “constructive.” China’s chief negotiator said at the time that the two countries would push forward with maintaining the ceasefire, while U.S. officials said they were awaiting final approval from President Donald Trump.

On Monday, Trump signed an executive order to extend the truce. Under the agreement, the US will keep its tariffs on Chinese imports at 30%, while China will keep a 10% tariff on US goods./ CNA

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